You are probably receiving a lot of unsolicited advice from your well-meaning family, friends and associates if you discussed with them that you are thinking about filing for bankruptcy. At the law office of Rothschild & Ausbrooks, PLLC, we know that it is stressful and even frightening when you have reached the point where a personal bankruptcy is a possibility. However, you and other Tennessee residents should understand that much of the advice you have been given is outdated or simply untrue.
Medical care is expensive, and it only takes one emergency, accident or unexpected illness to end up in serious debt. Tennessee readers who are dealing with medical bills that they cannot pay may feel alone, but they shouldn't. Many people across the country are facing past-due medical bills, and as a result, they are struggling with additional financial complications.
When businesses in Nashville file for bankruptcy, most might assume that is it under Chapter 11. This is the form of bankruptcy that allows companies to create a restructuring plan that will hopefully allow them to avoid debt struggles in the future. Yet there may be times when a restructuring is not possible, and the only solution available to a company is to liquidate its assets, repay its creditors and move on. This may be the conclusion reached by a company's management team, or in some cases, the decision might be made for them.
It is not uncommon for homeowners in Tennessee to have both first mortgages and second mortgages on their homes. The presence of a second mortgage can at times leave consumers wondering about their options when they find themselves faced with serious debt problems. When contemplating filing for bankruptcy, some people may want to try and save their homes yet also want to get out from under a mound of unmanageable debt.
If you're one of many Tennessee residents currently trying to overcome non-business related financial struggles, you'll be interested to know that lots of people have successfully recovered from similar situations by filing for Chapter 13 bankruptcy. If you cringe at the mere mention of the word "bankruptcy," you'll be glad to learn that although there is somewhat of a negative stigma attached to the idea, it can be a valuable financial tool when your ultimate goal is to restore financial stability without having to liquidate your assets.
Numerous Tennessee residents are struggling financially. Are you one of them? If you are, it is okay. There may be a way to improve your situation. It all starts with not making some common debt mistakes.
People in Tennessee who have struggled with high levels of credit card debt might end up having their cards cancelled, especially if they file for bankruptcy relief. The ability to become free from the debt associated with credit cards can be immensely helpful but then it is time to turn one's attention to rebuilding credit in a positive and manageable way. A secured credit card may well offer a good first step in doing just this.